Douglas Durst Of The Durst Organization Secures $250M Loan For 1155 6th Avenue In Manhattan
1155 6th Avenue
$250,000,000
$313/SF
Building Size
797,891 SF
Asset Type
Office
Closing
May 2, 2025
About this deal
AI
The property asset involved in this context is an office building located at 1155 6th Avenue in Manhattan, encompassing a total square footage of 797,891. The property is currently 88.9% leased. The financing secured for this asset amounts to $250,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $250,000,000
- Address: 1155 6th Avenue
- Market: Manhattan
- Lender: Wells Fargo & J.P. Morgan Chase
- Landlord: Douglas Durst - The Durst Organization
- Note: Proceeds will go to retire $146M in debt and fund reserves.
The deal features key players such as Douglas Durst, representing The Durst Organization as the landlord. The financing is provided by two major lenders, Wells Fargo and J.P. Morgan Chase, indicating a significant investment in this Manhattan office asset.
On the Map
$250,000,000
$313/SF
Office
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Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93